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Money Saving Tips

Amazing Ways To Save Money On A Family Home

April 28, 2015 by lucas in Money Saving Tips

Are you looking for a new home for your growing family? If you have been used to an apartment lifestyle, you could be in for a shock! House prices for family homes can be very expensive, but thankfully there are plenty of tips to help you shave some costs off what you will pay. Let’s take a look right now at some easy ways to save money when buying a family home.

Plan For The Future

If you are buying a family home, the likelihood is that you will want to stay in it for many years. With this in mind, it is very important to plan for future. Let’s say that you have had your first child, but plan on having more. Your best bet would be to factor that in and get a home that will suit you straight away. Moving house is expensive, and the best way to cut all these costs out is to put yourself in a situation where you don’t have to move out again. It’s also worth bearing in mind that moving house can have a negative effect on young children.

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Build Up A Deposit

Although this can be difficult for many people – especially when starting a new family – building up a large deposit is a great way to save money. You will pay off more of the cost of the house straight away, meaning that your mortgage will only be based on the remainder. This will give you lower monthly repayments for the life of the mortgage and reduce your risk against interest going up. It could also be a great way of buying a more expensive home.

Move To Cheaper Area

If you are used to living the city life in an apartment, then moving areas to the outskirts of the city can save you a lot of money. Wherever you are in the country, moving out into a village or a suburban area will give you far more for your money than a central location. This is often true even when considering the costs of commuting, so think wisely!

Build A Relationship With An Estate Agent

Estate agents get a bad press, but they can be very useful for homebuyers. Legally, they are required to work on the seller’s behalf, and for their benefit. However, if you are selling a smaller home, then an estate agent be invaluable in finding you a home swap. The could well have someone on their books that wants to downgrade to a smaller property for a particular reason. And if they are keen for the move to be completed quickly, they could lower the asking price, meaning a smaller deposit and regular payments on the remainder of the mortgage.

Get A Home Inspection

When you hire a property surveyor, they will look into the seller’s home in great detail. They will find things that need to be addressed, such as damages and anything that needs repairing. This can all be used as a tool to lower the asking price. A property surveyor will cost a little investment, but the amount you could save – particularly on an older home – could be in the thousands.

Hopefully, these ideas have given you some inspiration as to how you can save some money when buying a house. Good luck in your search!